Prime Business Africa
BISSAU, Guinea Bissau, 22 April 2024 /African Media Agency/- N-Soft, the world’s leading revenue mobilization provider, is thrilled to announce a major partnership with the Ministry of Finance in Guinea-Bissau. The governance technology provider will supervise transactional data from across the digital sector, including operators in mobile money, gambling, telecom, and banking, with an eye to expand further. With a history of increasing revenue mobilization by upwards of 30% in the Democratic Republic of Congo (DRC), Mozambique, Sierra Leone, Burundi, and others, N-Soft is poised to completely transform Guinea-Bissau’s economic reality.
Guinea-Bissau is following in the steps of scores of nations that are turning to governance technology to execute the directives of the International Monetary Fund (IMF). Essentially, with N-Soft’s groundbreaking solutions, Guinea-Bissau can infuse transparency into the business landscape and maximize its revenue potential. With this influx of tax revenue, Guinea-Bissau can reduce its outstanding debt, mitigate against crises, and re-invest in healthcare, infrastructure, education, etc. This is a critical step towards placing the country on a trajectory of sustainable growth and development.
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As Minister of Finance Ilídio Vieira Té exclaims, “As Minister of Finance, I am proud to announce our partnership with N-Soft for the implementation of cutting-edge technological governance solutions. This collaboration marks a significant step forward for Guinea-Bissau, enabling us to harness the potential of our digital sectors, including Mobile Money, Telecom, Gambling, and Banking. With real-time transaction reporting, we are poised to optimize revenue collection, ensuring all due taxes are accounted for. This heightened transparency not only enhances our business environment but also makes Guinea-Bissau a more attractive destination for external investors. Together, we are paving the way for sustainable economic growth and prosperity.”
In the context of the IMF’s Third Review under the Extended Credit Facility Arrangement, released on December 12, 2023, this collaboration with N-Soft is particularly timely for Guinea-Bissau. The review forecasts Guinea-Bissau’s tax revenues at 9.6% of GDP for 2023, with an anticipated increase of approximately 0.9 percentage points by 2026. This number shows that the nation is ready to accelerate their efforts with N-Soft’s range of solutions.
The burgeoning African market presents a fertile landscape for digital, financial, and gambling services from which to mobilize taxes. The gambling market on the continent is poised for significant expansion, with estimates suggesting a surge to USD $3.72 billion by 2029. The mobile money sector is escalating to an anticipated $3.44 billion by 2032. Remittance flows to Sub-Saharan Africa are expected to have ascended by approximately 1.9% in 2023, reaching $54 billion. Finally, the telecom sector, a cornerstone of digital connectivity, has also witnessed steady growth, with projections indicating an increase to $3106.93 billion in 2024. These trends underscore the immense potential for revenue mobilization for governments like Guinea-Bissau.
N-Soft’s groundbreaking governance technology is designed to automatically extract, process, load, and certify critical data from operators across these four industries, By accurately calculating revenues generated from all transactions, N-Soft ensures comprehensive visibility into every facet of economic activities.
Renowned for its quick time-to-value, N-Soft consistently achieves implementation in just 13 weeks engendering value for users swiftly. The company also provides thorough team training for seamless operability and ensures sensitive data remains secure with local storage solutions. Further still, N-Soft offers payment plans to meet the unique needs of each nation, including a results-driven model based on actual revenue mobilized with the solution.
Distributed by African Media Agency on behalf of N-Soft
About N-Soft
Established in 1986, N-Soft’s governance technology empowers national authorities to acquire economic intelligence, foster transparent business environments, and mobilize more domestic revenue from various economic sectors. Currently operating in the DRC, Sierra Leone, and Mozambique among others, N-Soft is the premier revenue mobilization provider worldwide.
For more information or inquiries, please visit www.n-soft.com or email info@n-soft.com
Media contact:
Emmanuelle Gold
Marketing Director
The post N-Soft Continues Empowering African Economies with Guinea Bissau being the latest adopter of its Revenue Collection System appeared first on African Media Agency.
Source : African Media Agency (AMA)
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